Older women often find themselves in devastating financial situations when they are the victim of a poorly constructed divorce settlement. This is because older women often rely on their husband's pension for income if their ex-spouse is retired and they did not work because they were busy raising children and homemaking. Women in this situation should be careful to make sure that they get a division of their spouse's pension through a QDRO. This is a court order issued to a retirement plan administrator that defines how two parties will receive the plan's benefits.
Unfortunately, the rules governing the QRDO are extremely complicated, and it is easy for very important aspects of the case to fall through the cracks. Sometimes, women will forget to include a survivor's benefit in the QDRO. This can be devastating for older women because the older women live much longer than men. In some cases, a woman who did not make sure that she had a survivor's benefit may be left without any source of income at the end of her ex-husband's life.
It is also very important for women to avoid exchanging their right to a pension or other retirement savings for the marital home. In the past, this has been a common arrangement in grey divorces. Yet in these situations, unemployed homeowners eventually end up selling the home because they can't afford to maintain their property on one income. At the point, the individual will need to live off of the proceeds from the house.
If you want more information about grey divorces and pension plans, then you need to talk to an attorney at the firm today to learn more. At Claery & Hammond, the lawyers are willing to help walk you through a gray divorce and keep your best interests in mind as you work out the details of your post-divorce property division or payments. Hire a lawyer at the firm today to learn more!